With nearly $700 million leveraged longs liquidated in the last 24 hours, this is the pullback I’ve been waiting for to buy the dip!
While Bitcoin barely flinched on this pullback, it’s obvious that the wider crypto market overreacted to a spike in Bitcoin Dominance, which also caused Stablecoin Dominance to spike as well. My personal suspicion is that XRP’s massive wick-to-wick drop of nearly 15% is to blame, spooking the crypto market.
While pullbacks like this can be devastating for late leveraged longs, the reality is that we should be expecting pullbacks to happen in a bull market. Pullbacks are healthy and allow prices to go much higher.
XRP, LINK, JUP, and KAIA all printed TBO Close Longs, which are short term bearish reversal signals, but with a bullish twist: I expect these charts to see a J-shaped return back to their TBO Fast lines today since they’re short-term oversold.
BNB, SOL, and SEI all have valid TBO Breakouts, but this pullback interrupted their momentum in the short term. I still expect them to move higher long term.
SYRUP is doing what I was expecting, moving higher while everything else is falling.
The TBO Springboard Bounce is my favorite pullback technique, and I’m seeing this setup on SHIB, DOT, PEPE, ATOM, and OP.
SPX6900 and BONK both still look bullish, but it looks like they’re waiting on the market to recover before pushing higher.
SUI, APT, ONDO and PENGU are worth watching given their previous price action and following reacting to this sudden pullback.
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